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One of the nation's largest land developers, SunCal Cos., still is wrestling with the consequences of dozens of failed investments made before the real-estate bubble burst. Yet the company is making deals again.

In its latest move, closely held SunCal, based in Irvine, Calif., purchased Harbor Station, a 1,920-acre residential project near Washington, D.C., for about $55 million, according to people familiar with the matter. SunCal plans to finish development work on the project, which is zoned for 4,000 homes and includes a Jack Nicklaus signature golf course, and sell lots to home builders as early as next year.

Land developers such as SunCal played a key role in the housing market's boom and bust, feeding shovel-ready land to home builders. Through land speculation, developers helped drive up home prices across the country.